CUBA: Ousting The Dollar

Cuba
imports and uses U. S. money, has no paper money of her own. In
Washington last week the State Department was officially "surprised" when
the Cuban Senate approved in principle a bill suddenly presented by
one of Dictator-President Gerardo Machado's henchmen, providing :

Creation of a Bank of the Republic.

Issuance by this bank under a 20-year concession of 100% Cuban money
(pesos).

Complete reorganization of Cuban finances to make pesos alone legal
tender, even in cases where contracts specify dollars.

In Wall Street, although no banker would permit himself to be directly...